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Valuetronics Holdings reported 1H16 net profits of HK$65.7 million, a dip of 6.4 percent from the net profits of HK$7.2 million last year, on the back of a drop in revenue.

Revenue saw a drop of 14.2 percent to HK$1.2 billion, from HK$1.3 billion last year, primarily due to the 34 percent drop in contribution from Consumer Electronics to HK$519.2 million (1H15: HK$786.3 million) which was mainly due to the slowdown in demand in the LED lighting business. This was partially offset by an improved performance from the Industrial and Commercial Electronics segment. Despite recording a dip of 6.1 percent in operating expenses, a recognition of exchange losses relating to the depreciation of Renminbi weighed down on the group’s earnings.

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